The Scoop

Former Spouses! Do you know the ways you could lose access to a pension?

Pension laws have changed over the years, and with case precedents further changing what can and can’t be done with pensions, there’s no wonder that benefits are being missed out on by those who are entitled to them.

Individuals are left confused or completely unaware of their pension rights.

Last year, The Telegraph reported that many widows did not know that they could claim their deceased spouse’s pension. This is an important one, as it could make the difference as to whether they are able to maintain their usual way of living or not.

But what about when you divorce?

On divorce (or dissolution) of marriage, pensions that were accrued during the relationship can be shared through pension splitting orders. These sums can add up to be quite substantial, especially if both partners have high income levels and have made large contributions through a long-term relationship.

However, many spouses/civil partners are completely in the dark of this, and are not aware that they can claim.

If you don’t know about this, you’re at a disadvantage and could miss out. Speaking to a trusted financial adviser who specialises in divorce or bereavement cases can help you get peace of mind during troubling times.